Major Bank Levy Act 2017 (Cth)

Major Bank Levy Act 2017

No. 63, 2017

An Act to impose a levy on certain authorised deposit‑taking institutions, and for related purposes

Contents 1 Short title 2 Commencement 3 Definitions 4 Imposition of levy 5 Amount of levy 6 Working out amounts for a quarter 7 Amounts to be worked out in accordance with accounting principles etc. 8 Minister may determine methods of working out amounts

Major Bank Levy Act 2017 No. 63, 2017

An Act to impose a levy on certain authorised deposit‑taking institutions, and for related purposes

[Assented to 23 June 2017]

The Parliament of Australia enacts:

1 Short title This Act is the Major Bank Levy Act 2017.

2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act The day after this Act receives the Royal Assent. 24 June 2017

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Definitions In this Act: ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959. ADI financial claims scheme means the scheme provided for under Division 2AA of Part II of the Banking Act 1959. applicable liabilities amount for a quarter has the meaning given by subsection 5(2). applicable reporting standard means a standard that: (a) is determined by the Australian Prudential Regulation Authority under section 13 of the Financial Sector (Collection of Data) Act 2001; and (b) relates to reporting amounts for the purposes of this Act (whether or not it also relates to other matters). levy threshold for a quarter has the meaning given by subsection 4(3). quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December. total liabilities amount for a quarter has the meaning given by subsection 4(2).